New York coffee prices adjusted up after a series of declines, which helped support London to continue to increase when it was reported that inventories at the floor continued to decline…
Robusta chart London September 2021 session on 07/07/2021
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to increase. The September spot term increased by $23 to $1,702/ton and the November delivery term increased by $16 to $1,694/ton, significant increases. Trading volume below average.
Similarly, the price of Arabica coffee on the ICE US floor – New York returned to an uptrend. September spot futures rose 1.85 cents to 149.75 cents/lb and December futures also increased 1.85 cents to 152.95 cents/lb, also significant gains. Trading volume very above average.
The price of green coffee beans in the Central Highlands provinces increased by 300-400 dong, up to range from 35,400 to 36,100 dong/kg.
The price of exported 2.5% black Robusta coffee stood at $1,702 per ton, FOB – HCM, according to September futures prices in London.
The Reais fell 0.55%, the exchange rate fell to 1 USD = 5.2380 Reais, the lowest price in the past 10 days due to domestic political developments and the caution of the states. While outside investors are optimistic with the minutes of the Fed’s June meeting just released. Minutes showed that there was an acknowledgment of excessive inflation, so it does not rule out the possibility that the Fed will reduce asset purchases in the upcoming July meeting. The US stock market was excited by this news. Many commodity exchanges have regained the green after the previous day’s simultaneous sell-off session.
New York coffee prices corrected up after a series of consecutive declines, despite the weakening of the reais, which prompted Brazilians to sell strongly.
Meanwhile, London coffee prices recovered quite strongly with the report that inventories at the floor continued to decline because Robusta traders, especially in Southeast Asia, were not interested in bringing coffee to the floor. Sign up for auction because ocean freight is currently too high.
English (giacaphe.com)
